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A formal announcement will be unveiled ‘shortly,’ the Republican president wrote on Truth Social
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US President Donald Trump walked back his threat to strike Iran “hard” tonight, citing progress being made in peace negotiations.
“Based on the fact that discussions with the Islamic Republic of Iran have been brought to the highest level of Iranian leadership and approved, I have, as President of the United States of America, cancelled the scheduled strikes and bombings against Iran this evening”, the Republican president wrote on Truth Social on Thursday afternoon.
He added that “discussions and final points” have been “approved by all parties involved”, with a formal announcement set to be unveiled soon. He later told reporters that a deal could be signed as soon as this weekend.
Just hours earlier, Trump had issued a bombastic warning, threatening to seize Kharg Island, a strategic hub for oil exports, after striking the country “VERY HARD”.
The missive came after Iran declared the ceasefire with Washington “practically meaningless” after U.S. forces fired 49 Tomahawk missiles on Wednesday. On Thursday, both sides traded strikes for the second day in a row, leaving a fragile ceasefire in jeopardy.
Tehran condemned the “illegal and criminal attacks” by the US — which they claimed violate the UN Charter — and warned US leaders will be held responsible. US Central Command described its attacks on military surveillance and air defense sites as a form of “self-defense”.
In response, Iran launched strikes targeting 18 US airbases in the Gulf region, forcing the Kuwaiti government to temporarily shut its airspace and Bahrain to sound air sirens.
During his Oval Office presser, Trump was repeatedly pressed on his statement that the U.S. and Iran have approved “final points” for a peace deal.
When a reporter asked the president whether he is simply setting the stage for deeper diplomatic discussions, Trump responded: “It’s a very strong memorandum of understanding that is a little conceptual, but it’s something that’s gonna get done.”
“They want to sign it as much as I do or more,” he added, referring to the Iranians.
When another journalist asked Trump what gives him confidence that Iran is being sincere, he cited their “level of enthusiasm.”
President Donald Trump said a finalized peace deal with Iran could be signed as soon as this weekend.
“The Strait [of Hormuz] will officially open as soon as we sign, which could be soon, very soon, maybe over the weekend in Europe,” the Republican president told reporters in the Oval Office on Thursday afternoon.
“I won’t be able to be there,” he said. “But JD will be there.”
Earlier in the day, Trump called off planned strikes against Iran, citing progress made in negotiations. He wrote on Truth Social: “Discussions and final points have been, in both concept and great detail, approved by all parties involved.”
A Republican lawmaker expressed concern about President Trump’s threat to invade Iran’s Kharg Island, a key oil hub.
“I’m worried about the move on Kharg Island,” Louisiana Sen. John Kennedy told reporters on Thursday, according to CBS News. “I’m not saying the president’s wrong, but this is how it started in Vietnam. Committing troops is a very, very, very dramatic step.”
On Thursday morning, Trump had threatened to strike Iran “hard” this evening and claimed the U.S. would seize Kharg Island “in the not too distant future.” However, hours later, he called off the strikes, citing progress in peace negotiations. In his latest statement, he made no mention of Kharg Island.
In the lead up to the U.S.’ renewed strikes on Iran this week, President Trump reportedly became “furious” over perceptions that American military action hadn’t gone far enough.
“Sources tell CNN that President Trump is growing more and more furious, especially this week, after he ordered new strikes in Iran,” CNN’s Dana Bash said on Thursday. “They say he felt both Tehran and the media didn’t view U.S. military action as powerful enough, so he ordered another round of strikes yesterday in the hopes of forcing Iran to come to the table in a way that they will accept a deal.”
U.S. stocks rallied and oil prices tumbled after President Trump walked back his threat to strike Iran “hard” and stated that a peace deal was in reach.
The S&P 500 ticked up 1.1 percent, while the Nasdaq added 1.5 percent, according to CNBC. Meanwhile, West Texas Intermediate crude futures traded down 3 percent to about $86 a barrel, following Trump’s announcement.
Iranian officials described President Trump’s threat to seize Kharg Island as “futile.”
“Trump wants Kharg? A futile attempt with severe consequences,” the Iranian embassy in South Africa wrote on X.
Alongside the post, the embassy included an image of coffins draped with American flags floating in the Persian Gulf.
On Thursday morning, Trump vowed to hit Iran “VERY HARD TONIGHT” and added: “At some point in the not too distant future, we will be taking Kharg Island.”
Situated a few miles off the coast of Iran, Kharg Island is strategically important since it serves as the export hub for most of the Middle Eastern nation’s oil exports.
On Thursday, the World Bank lowered its global growth forecast to its lowest level in years amid the ongoing Iran war.
The international financial institution said in a statement that global growth is now projected to decrease to 2.5 percent in 2026, down from 2.9 percent last year, marking the lowest rate of growth since the pandemic.
“The conflict in the Middle East has triggered sharp increases in energy prices, renewed inflationary pressures, and fueled expectations of tighter monetary policy,” the World Bank said.
“Activity is expected to firm in 2027–28 as energy supplies recover, monetary easing resumes, and trade strengthens,” it added.
President Donald Trump walked back his threat to strike Iran “hard” tonight, citing progress being made in peace negotiations.
“Based on the fact that discussions with the Islamic Republic of Iran have been brought to the highest level of Iranian leadership and approved, I have, as President of the United States of America, cancelled the scheduled strikes and bombings against Iran this evening,” the Republican president wrote on Truth Social on Thursday afternoon.
He added that “discussions and final points” have been “approved by all parties involved,” with a formal announcement set to be unveiled “shortly.”
A senior negotiator involved in organizing U.S.-Iranian peace talks said President Donald Trump chose to strike Iran after obtaining a copy of the latest proposal.
The president, the unnamed official told NBC News, “has the deal in his hands now.”
U.S. officials were expected to hand their latest proposal to Mohammad Bagher Ghalibaf, Iran’s top negotiator, the source said. But, U.S. strikes threw a wrench in negotiations.
On Thursday, the U.S. and Iran traded strikes for the second day in a row and Trump threatened to invade Kharg Island.
For one Iranian student, hope is fading as renewed U.S.-Iran attacks threaten to unravel a fragile ceasefire that has been in place for weeks.
The 25-year-old, based in northern Iran, told The Associated Press that many Iranians are struggling to afford food amid soaring inflation and job losses.
“Everything is going wrong and there is no hope among the people,” the student said.
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